MANILA, Philippines - SN Aboitiz Power, a joint venture between SN Power of Norway and Aboitiz Power, is planning to put up a seven-megawatt hydropower plant by 2016.
Emmanuel Rubio, SN Aboitiz president, said the company has signed a renewable energy service contract for the hydropower plant, which would add to the company’s existing 360-MW Magat power plant.
The hydropower plant will be located in Ramon, Isabela while another part will be in Ifugao. This will be located in the two main irrigation canals of the National Irrigation Administration in Magat.
Rubio said the company is eyeing to avail of the so-called feed-in-tariff (FIT) incentives for the greenfield project.
“We’re looking at registering this under FIT,†Rubio said.
The FIT regime is a form of incentives for renewable energy players. It offers cost-based compensation to renewable energy players among other perks.
The Department of Energy has been pushing for a robust and diverse power supply mix including renewable energy sources to help ensure the country’s power needs.
SN Aboitiz, which has a total capacity of 617 MW, has another hydropower project in the pipeline, involving “at least 100 MW,†officials said.
However, SN Aboitiz said it cannot divulge the details yet as preparations are still ongoing.
In October, SN Aboitiz also completed the rehabilitation of the 125-megawatt Binga hydroelectric power plant.